The Worldwide Veterinary Point of Care Diagnostics Industry is Expected to Reach $2.69 Billion by 2028

DUBLIN, March 22, 2022 /PRNewswire/ -- The "Veterinary Point Of Care Diagnostics Industry" report has been added to ResearchAndMarkets.com's offering.

The global veterinary point of care diagnostics market size is expected to reach USD 2.69 billion by 2028. The market is expected to expand at a CAGR of 11.3% from 2021 to 2028.

The key factors driving the market include rising demand for easy-to-use and rapid diagnostic products, strategic initiatives by market players, and growing animal health concerns.

The COVID-19 pandemic led to several challenges for the animal health industry including point of care diagnostics. These include reduced visits to vet clinics and hospitals, dampened sales for several market participants, supply chain hurdles, and low consumer demand. Market participants gradually adapted to the changing scenario by adopting various strategies such as optimizing production, implementing work from home, and adopting curbside services. As governments eased the movement restrictions, the market saw a gradual recovery in demand and footfalls. The uncertainty of the pandemic and changing government regulations however continue to challenge the market.

Several key animal health companies also registered increased profits during 2020. This was owing to the deployment of various strategic initiatives such as diverting their resources to profitable segments to ensure business continuity, acquisitions, and the launch of new products. Heska, for instance, reported 97.4% of growth in its revenue during the first quarter of 2021. IDEXX Laboratories, Inc. reported a 12% increase in year-on-year revenue, driven by the Companion Animal Group (CAG) diagnostics segment, during 2020. However, the company reported that CAG diagnostics revenue was constrained by 10% due to a decline in IDEXX VetLab instrument revenues. This was a result of restricted access to veterinary practices because of the COVID-19 pandemic.

The pandemic has accelerated awareness and concerns over zoonotic diseases. This is anticipated to propel the demand for accurate, fast, and reliable point of care diagnostic products to detect a range of diseases in animals. In fact, the AVMA recommends that if an animal shows symptoms such as coughing, difficulty breathing, fever, lethargy, nasal discharge, vomiting, and/ or diarrhea, veterinarians are advised to first rule out common causes of these clinical signs before considering testing the animal for SARS-CoV-2. Point of care testing devices ensure easy and rapid diagnosis thus enabling the timely treatment, this is estimated to increase the demand for point of care devices over time.

Veterinary Point Of Care Diagnostics Market Report Highlights

• By product, instruments and devices are expected to witness the fastest growth over the forecast period as these are easily available, offer a wider test menu, and are affordable in the long term. The growing R&D initiatives to improve point of care diagnostic products are anticipated to propel the market growth in the coming years
• By sample type, the blood/plasma/serum segment dominated the market in 2020. This was owing to the growing number of blood tests recommended as part of routine testing, annual checkups, and as a preliminary test before recommending further testing in animals
• The general ailments indication segment is expected to witness the highest growth over the forecast period as pets live longer and the demand for improving the pet's quality of life rises over time
• The veterinary hospitals and clinics end-use segment held the largest revenue share of over 50.0% in 2020 as these are the first point of care facilities for treating pets. In addition, pet owners having pet insurance can receive reimbursements for vet visits, diagnostic services, and treatment, thus contributing to the growth of the segment

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Veterinary Point of Care Diagnostics Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Related/Ancillary Market Outlook
3.2. Penetration & Growth Prospect Mapping, 2020
3.3 Veterinary Point of Care Diagnostics Market Dynamics
3.3.1 Market driver analysis
3.3.2 Market restraint analysis
3.4 Veterinary Point of Care Diagnostics Market Analysis Tools: Porters
3.4.1 Supplier Power
3.4.2 Buyer Power
3.4.3 Substitution Threat
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Veterinary Point of Care Diagnostics Industry Analysis-PEST (Political & Legal, Economic, Social, and Technological)
3.5.1 Political/Legal Landscape
3.5.2 Economic Landscape
3.5.3 Social Landscape
3.5.4 Technology Landscape
3.6 Regulatory Landscape
3.7 Pricing Analysis
3.8 Animal population by species and by country
3.9 Disease prevalence analysis
3.10 Unmet Need Analysis

Chapter 4 COVID-19 Impact Analysis
4.1 COVID-19 Prevalence Analysis
4.2 Current and Future Impact Analysis
4.3 Impact of COVID-19 on Market Players

Chapter 5 Veterinary Point of Care Diagnostics Market: Segment Analysis, By Animal Type, 2016-2028 (USD Million)
5.1 Animal Type Market Share Analysis, 2020 & 2028
5.2 Veterinary Point of Care Diagnostics market, by Animal Type, 2016 to 2028
5.3 Companion Animals
5.3.1 Companion Animals market, 2016-2028 (USD Million)
5.3.1.1 Dogs
5.3.1.1.1 Dogs market, 2016-2028 (USD Million)
5.3.1.2 Cats
5.3.1.2.1 Cats market, 2016-2028 (USD Million)
5.3.1.3 Horses
5.3.1.3.1 Horses market, 2016-2028 (USD Million)
5.3.1.4 Others
5.3.1.4.1 Others market, 2016-2028 (USD Million)
5.4 Livestock Animals
5.4.1 Livestock Animals market, 2016-2028 (USD Million)
5.4.1.1. Cattle
5.4.1.1.1 Cattle market, 2016-2028 (USD Million)
5.4.1.2 Swine
5.4.1.2.1 Swine market, 2016-2028 (USD Million)
5.4.1.3 Poultry
5.4.1.3.1 Poultry market, 2016-2028 (USD Million)
5.4.1.4 Others
5.4.1.4.1 Others market, 2016-2028 (USD Million)

Chapter 6 Veterinary Point of Care Diagnostics Market: Segment Analysis, By Product, 2016-2028 (USD Million)
6.1 Product Market Share Analysis, 2020 & 2028
6.2 Veterinary Point of Care Diagnostics market, by Product, 2016 to 2028
6.3 Consumables, Reagents, & Kits
6.3.1 Consumables, Reagents, & Kits market, 2016-2028 (USD Million)
6.4 Instruments & Devices
6.4.1 Instruments & Devices market, 2016-2028 (USD Million)

Chapter 7 Veterinary Point of Care Diagnostics Market: Segment Analysis, By Sample Type, 2016-2028 (USD Million)
7.1 Sample Type Market Share Analysis, 2020 & 2028
7.2 Veterinary Point of Care Diagnostics Market, by Sample Type, 2016 to 2028
7.3 Blood/Plasma/Serum
7.3.1 Blood/Plasma/Serum market, 2016-2028 (USD Million)
7.4 Urine
7.4.1 Urine market, 2016-2028 (USD million)
7.5 Fecal
7.5.1 Fecal market, 2016-2028 (USD million)
7.6 Others
7.6.1 Others market, 2016-2028 (USD million)

Chapter 8 Veterinary Point of Care Diagnostics Market: Segment Analysis, By Testing Category, 2016-2028 (USD Million)
8.1 Testing Category Market Share Analysis, 2020 & 2028
8.2 Veterinary Point of Care Diagnostics Market, by Testing Category, 2016 to 2028
8.3 Hematology
8.3.1 Hematology market, 2016-2028 (USD Million)
8.4 Diagnostic Imaging
8.4.1 Diagnostic Imaging market, 2016-2028 (USD million)
8.5 Bacteriology
8.5.1 Bacteriology market, 2016-2028 (USD million)
8.6 Virology
8.6.1 Virology market, 2016-2028 (USD million)
8.7 Cytology
8.7.1 Cytology market, 2016-2028 (USD million)
8.8 Clinical Chemistry
8.8.1 Clinical Chemistry market, 2016-2028 (USD million)
8.9 Parasitology
8.9.1 Parasitology market, 2016-2028 (USD million)
8.10 Serology
8.10.1 Serology market, 2016-2028 (USD million)
8.11 Others
8.11.1 Others market, 2016-2028 (USD million)

Chapter 9 Veterinary Point of Care Diagnostics Market: Segment Analysis, By Indication, 2016-2028 (USD Million)
9.1 Indication Market Share Analysis, 2020 & 2028
9.2 Veterinary Point of Care Diagnostics Market, by Indication, 2016 to 2028
9.3 Infectious Disease
9.3.1 Infectious Disease market, 2016-2028 (USD Million)
9.4 General Ailments
9.4.1 General Ailments market, 2016-2028 (USD million)
9.5 Others
9.5.1 Others market, 2016-2028 (USD million)

Chapter 10 Veterinary Point of Care Diagnostics Market: Segment Analysis, By End Use, 2016-2028 (USD Million)
10.1 End Use Market Share Analysis, 2020 & 2028
10.2 Veterinary Point of Care Diagnostics Market, by End Use, 2016 to 2028
10.3 Veterinary Hospitals & Clinics
10.3.1 Veterinary Hospitals & Clinics market, 2016-2028 (USD Million)
10.4 Home Care Settings
10.4.1 Home Care Settings market, 2016-2028 (USD million)
10.5 Others
10.5.1 Others market, 2016-2028 (USD million)

Chapter 11 Veterinary Point of Care Diagnostics Market: Regional Market Analysis 2016-2028 (USD Million)

Chapter 12 Veterinary Point of Care Diagnostics Market-Competitive Analysis
9.1 Market Participant Categorization
9.1.1 Company Market Position Analysis, heat map analysis
9.1.2 Synergy Analysis: Major Deals & Strategic Alliances
9.1.3 Market Leaders
9.1.4 Innovators
9.2 List of Key Companies

Chapter 13 Veterinary Point of Care Diagnostics Market-Company Profiles
13.1 IDEXX Laboratories
13.1.1 Company overview
13.1.2 Financial Performance
13.1.3 Product benchmarking
13.1.4 Strategic initiatives
13.2 Zoetis
13.2.1 Company overview
13.2.2 Financial performance
13.2.3 Product benchmarking
13.2.4 Strategic initiatives
13.3 Virbac
13.3.1 Company overview
13.3.2 Financial performance
13.3.3 Product benchmarking
13.3.4 Strategic initiatives
13.4 Heska Corporation
13.4.1 Company overview
13.4.2 Financial performance
13.4.3 Product benchmarking
13.4.4 Strategic initiatives
13.5 Thermo Fisher Scientific, Inc.
13.5.1 Company overview
13.5.2 Financial performance
13.5.3 Product benchmarking
13.5.4 Strategic initiatives
13.6 Neogen Corporation
13.6.1 Company overview
13.6.2 Financial performance
13.6.3 Product benchmarking
13.6.4 Strategic initiatives
13.7 Mindray
13.7.1 Company overview
13.7.2 Financial performance
13.7.3 Product benchmarking
13.7.4 Strategic initiatives
13.8 Esaote SpA
13.8.1 Company overview
13.8.2 Financial performance
13.8.3 Product benchmarking
13.8.4 Strategic initiatives
13.9 FUJIFILM Corporation
13.9.1 Company overview
13.9.2 Financial performance
13.9.3 Product benchmarking
13.9.4 Strategic initiatives
13.10 Woodley Equipment Company Ltd.
13.10.1 Company overview
13.10.2 Financial performance
13.10.3 Product benchmarking
13.10.4 Strategic initiatives

For more information about this report visit https://www.researchandmarkets.com/r/svkucw

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